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inflation

Unsold 2025 Countryman utility vehicles sit on display at a Mini dealership Sunday, March 23, 2025, in Highlands Ranch, Colo. (AP Photo/David Zalubowski)
Mar 28, 2025

US consumers remained cautious about spending last month as inflation ticked higher

WASHINGTON (AP) — Inflation picked up last month and consumers barely raised their spending, signs that the economy was already cooling even before most tariffs were imposed. Friday’s report from the Commerce Department showed that consumer prices increased 2.5% in February from a year earlier, matching January’s annual pace. Excluding the volatile food and energy categories, cor[...]

People work on the floor at the New York Stock Exchange in New York, Wednesday, March 19, 2025. (AP Photo/Seth Wenig)
Mar 28, 2025

Wall Street tumbles, and S&P 500 drops 2% on worries about slower economy, higher inflation

NEW YORK (AP) — Another wipeout is swamping Wall Street Friday on worries about a potentially toxic mix of worsening inflation and a U.S. economy slowing because of households afraid to spend due to the global trade war. The S&P 500 was down 2% in afternoon trading and on track for one of its worst days of the last two years. It’s […]

A man wearing a dark suit and a red tie speaks at a podium.
Mar 27, 2025

Barkin: Trump policies are creating feelings of instability

Changes in federal government policy have created a sense of instability, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday when discussing the year’s economic outlook. During a lecture at Washington and Lee University in Lexington, he said that at the end of 2024, businesses were “overwhelmingly optimistic” and conditions looked “rosy.” […]

The New York Stock Exchange, in Wall street in Manhattan, New York City, USA (Photo: AdobeStock)
Mar 25, 2025

Stock market today: Wall Street drifts ahead of report on US consumer confidence

NEW YORK (AP) — Wall Street is holding steadier Tuesday after roaring the day before on hopes that President Donald Trump’s tariffs may not be as sweeping as earlier feared. The S&P 500 was 0.1% higher in early trading after jumping 1.8% on Monday. The Dow Jones Industrial Average was up 58 points, or 0.1%, as of 9:35 a.m. […]

FILE - Shoppers make their ways down an aisle lined with clothing and shoes in a Costco warehouse Thursday, Jan. 23, 2025, in Sheridan, Colo. (AP Photo/David Zalubowski, File)
Mar 25, 2025

US consumer confidence tumbles for 4th consecutive month to 12-year low

WASHINGTON (AP) — U.S. consumer confidence fell for the fourth straight month amid rising concern over tariffs and inflation. The Conference Board reported Tuesday that its consumer confidence index fell 7.2 points in March to 92.9. Analysts were expecting a decline to a reading of 94.5, according to a survey by FactSet. The Conference Board’s report Tuesday […]

Mar 24, 2025

Stock market today: Wall Street gains ground after shaking off four-week losing streak

Stocks are broadly higher in afternoon trading as Wall Street navigates through uncertainty amid a trade war. The S&P 500 jumped 1.4% Monday. It is coming off its first winning week after a four-week losing streak. The Dow Jones Industrial Average rose 1.1% and the Nasdaq composite rose 1.9%. Wall Street remains focused on how […]

Federal Reserve Chair Jerome Powell speaks during the annual U.S. Monetary Policy Forum, in New York, Friday, March 7, 2025. (AP Photo/Richard Drew),
Mar 19, 2025

Federal Reserve keeps interest rate unchanged, sees slower growth, slightly higher inflation ahead

WASHINGTON (AP) — The Federal Reserve kept its benchmark interest rate unchanged Wednesday and signaled that it still expects to cut rates twice this year, though more policymakers forecast fewer cuts. The Fed also now expects the economy to grow more slowly this year and next than it did three months ago, according to a […]

Feb 25, 2025

Fed should be cautious amid uncertainty, Barkin says

Although inflation is coming down, the Federal Reserve Bank should exercise caution amid economic and geopolitical uncertainty, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Tuesday while addressing a Rotary Club of Richmond meeting. The economy is in a good place, Barkin said, citing the 2.5% growth in the nation’s gross domestic […]

Feb 11, 2025

Va. economic outlook is positive, says Weldon Cooper Center forecast

Virginia’s long-term economic outlook is positive, according to the University of Virginia’s Weldon Cooper Center for Public Service’s inaugural economic forecast released Monday. Weldon Cooper economists predict Virginia’s gross domestic product in 2025 will increase 2.4%, outpacing national GDP growth. The U.S. GDP’s growth is expected to be 1.9% this year, slower t[...]

Shipping containers are seen at the Atlantic Hub container terminal in Halifax on Monday, Feb. 3, 2025, one day ahead of imposed tariffs by U.S. President Donald Trump against Canada. (Darren Calabrese/The Canadian Press via AP)
Feb 3, 2025

US trade war could raise prices, economists say

Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau managed to separately negotiate a monthlong pause on Monday with U.S. President Donald J. Trump on a trade war that was scheduled to begin on midnight Tuesday. However, as of late Monday afternoon, the Trump administration was still prepared to impose a 10% tariff on […]

Feb 28, 2024

Financial Services: Signs of health

What’s that we hear? Is the economy growing healthier? It’s getting stronger for sure, Federal Reserve Bank of Richmond President and CEO Tom Barkin said in January during the 2024 Financial Forecast event co-hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Inflation was 3.4% in December 2023, inching closer […]

Jan 18, 2024

Fed’s Fifth District economy sees mild expansion

Economic activity in the Federal Reserve‘s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) expanded mildly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions[...]

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